Ananta said despite the given approval, Bapepam-LK and SRO will only oblige the split of sub account of fund and stocks upon the readily executed system applied by the four banks.

Chief of Bapepam-LK Ahmad Fuad Rahmany tbe capital market authority plans to include the clause on sub account split as one of the substance of joint cooperation with BI. The memorandum of un-derstanding (MoU) will be signed in the near future.

"MoU will talk about the bank supervisory at capital market in general. The fund and securities of the customers sub account will be inclusive (in the MoU)."

Referring to the regulation of Bapepam-LK III.C.7 on securities sub account on settlement and deposit agency for customers fund and stocks in the sub account of securities company listed by the KSEI.

KSEI Director Trisnadi Yulrisman added the recently given BI approval reflects the data of securities customers sub account deposited at the payer banks. As to him, the previous discussion was on the bank confidentiality.

"The final result of the discussion is the data reflection which could happen if it gets approval from each customer which will participate in the agreement of account opening at their own brokers."

He ensured the split sub account program will not impose extra charge to the customers or securities given that it is basically like a new opening of bank account.

Securities company must not spend extra funds to better or adjust the system as the required systems are already materialized.

Trisnadi said the betterment and adjustment of a system will happen only to the payer banks but it is relatively easier as the current bank system has been interacted with the KSEI settlement system.

He said later the split and formation of customers fund sub account will be mandatory and thus customers could control their securities and fund account through one facility so-called AKSes (Securities ownership reference) provided by KSEI.

Trisnadi once said the number of customers sub account registered at the KSEI AKSes are about 9,161 sub accounts as from the total of 370,000. Trisnadi expected by end of 2010 all sub accounts will be registered at the AKSes.

Brokers have just opposed the policy of KSEI for setting up maintenance cost for inactive or dormant account. President Director of Finan Corpindo Nusa Edwin Sinaga now considered the policy here will be burdensome to brokers as they should pay maintenance cost which should have been the investors cost.

The closure of sub account is potentially to spark dispute among brokers and customers. Thus, brokers called KSEI to review the policy here.

Early the year, KSEI enacted the regulation on the new central custodian service regulation in which one of them stipulates the maintenance cost for dormant account worth IDR1 million per month. The cost is meant to call the owner of the account to close down the sub account without any fund or securities.

Would there be dormant sub account, the sub account holder should close down the account from KSEI statement of dormant account. But if it fails to close the dormant account, the holder should obligatorily pay maintenance cost. (Bisnis/iaa/faa)